BJ’s Wholesale Club declines to give 2021 guidance even as sales increase
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BJ's Wholesale Club at 777 Washington St. in Auburn
BJ’s Wholesale Club in Westborough reported its first quarter of 2021 numbers on Thursdsy morning with slight increases in sales and adjusted earnings per share, but due to the ongoing uncertainty caused by the COVID-19 pandemic, declined to give any forecast for 2021.
"Given the level of uncertainty associated with the evolution of the pandemic and consumer behavior, fiscal 2021 remains difficult to forecast," Laura Felice, executive vice president and chief financial officer of BJ's Wholesale Club, said in a release. "As a result, we will continue to refrain from offering formal detailed guidance."
This prompted the company’s stock prices to drop over 10% in early trading, according to The Motley Fool, despite an increase in net sales and adjusted earnings per share. The stock has since recovered to a 5.1% decline to $46.10 per share.
BJ’s recorded net sales of $3.781 billion, representing a 1.7% increase over the first quarter of 2020. Adjusted net income was up 4.1% to $99.7 million while adjusted earnings per share of 72 cents represented a 4.3% increase over the first quarter of 2020.
Under the company’s share repurchase program, 315,000 shares of common stock, totaling $14.0 million, were repurchased in the first quarter.
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